Morgan Stanley has maintained its overweight rating on Reliance Industries with a target price of Rs 1,803. Analysts said RIL is deploying annual operating cash flows of $15 billion with shorter monetization cycles now the new norm. New energy and AI infrastructure have been identified as key value drivers funded by existing businesses. The 550,000-acre marshland property supports RIL’s 1GW data center and new PVC facility. The battery giga-factory will become operational from this year with an initial capacity of 40 GW which can be expanded to 100 GW. The company’s green hydrogen target is equivalent to 3 million tonnes per year by 2032. RIL’s net debt before interest, taxes, depreciation and amortization (EBITDA) is 1.3x and about 30% of its debt is maturing within the next one year, which is worth monitoring. The company’s consolidated cost of funding declined by approximately 7 basis points (100 basis points, or bps = 1 percentage point) to 7.2% in FY26.Goldman Sachs has maintained buy rating on InterGlobe Aviation (IndiGo) with a target price of Rs 5,200. Analysts said the company’s January-March (Q4FY26) pre-tax loss was Rs 2,100 crore, better than Goldman Sachs’ estimate of Rs 3,590 crore. IndiGo’s costs excluding forex were lower than expected, with supplementary fares and airport charges being the major positive surprises. The company’s revenue per seat was slightly ahead of estimates, while cost per seat was Rs 4.85 against estimates of Rs 5.24. For Q1FY27, the company guided for 3-4% capacity growth with passenger revenue per seat up by the middle of the year (YoY). No full year FY27 capacity guidance was provided by the company. Its high cost remains a problem, analysts said. Also, the entire Indian aviation sector, except IndiGo, is facing weak profitability and balance sheet stress.Macquarie recommends buy on Asian Paints with a target price of Rs 3,000. Analysts said the company’s Q4FY26 EBIDA was better due to better-than-expected sales growth. Management expects to benefit from price appreciation of more than 11%. The company intends to use cost control to maintain FY27 standalone EBIDA margins at 18-20%. He said the pullback from the mix change would probably be 3-4%. Jefferies has given buy advice on Cummins India with a target price of Rs 7,100, up from Rs 4,975. Analysts said there are margin tailwinds ahead. The company is seeing a growing share of high margin delivery business and higher contribution from data centres. The company is also going to indigenize high import content for engine upgrades. HDFC Securities has an under rating on Heidelberg Cement India with a target price of Rs 170. Analysts said the company is operating at about 94% clinker utilization, with no major expansion plans. The continued decline in market share and increasing competition in the midstream segment remain major concerns for analysts. They estimated modest volume and EBITDA growth of around 3% and around 8% respectively in FY26-FY28. The company’s Q4FY26 volumes grew by about 8% year-on-year, while revenue per tonne increased by about 2%, and cost per tonne declined by about 3% in the quarter (QoQ). Unit EBITDA increased to Rs 649 per tonne from Rs 219 per tonne QoQ.Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management tips are their own. These opinions do not represent the views of The Times of India